1998 Proof Gold Eagle

Once again, the United States Mint altered the details of the popular annual collectible American Gold Eagle offerings. The 1998 Proof Gold Eagle coins saw a decrease in the price levels for each product, as well as the maximum mintages.

The coins were scheduled to go on sale March 27, 1998. In the months leading up to the release, the market price of gold had experienced a decline from around $330 per ounce to a low around $280. The United States Mint used this opportunity to roll back pricing to the levels last seen for the 1995 Proof Gold Eagle.

Director of the United States Mint Philip N. Diehl touted the price adjustment in a press release, stating, "We looked at the substantial fall in gold prices in recent months and concluded that we needed to share these lower costs with our customers."

The price of the individual coins were reduced by $19 (one ounce), $14 (one half ounce), $9 (one quarter ounce), and $5 (one tenth ounce). The price of the four coin set containing each version of the 1998 Proof Gold Eagles was reduced by $26.

Meanwhile, the maximum mintage levels were adjusted once again. Despite a reduction in the previous year, final sales still remained below the maximum levels that had been established. The second reduction also failed to inspire additional sales. In fact, overall mintages for the one ounce, one-half ounce, and one-tenth ounce proof coins reached their lowest levels for the series to date.